First Flip

4 Replies

Hello again,

  been a while since I have posted.  Been trying to get into a flip house now for about 90 days.  Tough market to get into in Mobile due to the changing demographics and the many people trying to get the few houses that are worth getting.  I finally got a bid accepted.  Deal is all $35k cash (private lender that I will pay back with interest upon selling).  From the looks of the home most of the work is sweat equity (paint, floors, minor sheetrock work in one room).  Good location.  4/2 1376 sq ft.  Brick home on slab.  Gas stove, electric a/c. Biggest expense will be replacing the floors (cheap laminate in them now, will put some cheap engineered hardwood with a better look).  MIGHT need a new roof (est. $3k).  Expect it to realist at $67-72K.  Should be a 45 day flip.  Will keep you guys updated.  Feels good to be in the game finally!!

Scott 

Very nice Scott, I wish you the best of luck with this flip.

Congrats on your first project! As a rehabber, you'll never forget your first deal! 

I am about to close on my first deal too! It's quite excited

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.